The Institute of International Finance (IIF) estimates that the PIF's assets sit at $300bn, Zawya reported. The Saudi Vision 2030 set a target of $400bn in assets by 2020, and $2tn in 2030.
In a note published on the IIF website, it stated that the PIF was key to Saudi Arabia's plan to diversify its economy, hinging on "the transformation of the PIF from a state holding company to one of the world's largest sovereign investment vehicles."
According to the IIF, a quarter of the PIF's investments were made abroad, including stakes in Tesla, Uber and Softbank's Vision Fund, among others.
It emphasised that proceeds from privatisation, which have a $200bn target, and the long-awaited listing of a 5% stake in Saudi Aramco for $100bn, would provide a boost to PIF's assets.
The Saudi Aramco sale was shelved, although government officials have noted that it could go through by 2021. The PIF sold its 70% stake in Saudi chemicals giant SABIC to Saudi Aramco for $69.1bn, providing it more liquidity while allowing Aramco to extend its reach along the value chain and outside of KSA's geographical borders.